Elon Musk the CEO of Tesla may have to sell stocks to pay a tax bill of up to $15 billion. Musk is worth roughly $330 billion and holds a good portion of his wealth in Tesla. The most valuable car company on Earth dropped in the stock market on Monday as investors started to digest the news. Musk will have to sell millions of his Tesla stock to make up the $15 billion US.
Musk started a bizarre Twitter poll over the weekend, asking his followers if he should sell 10 per cent of his Tesla stock. The poll concluded with 3,519,252 votes with 57.9 per cent voting for yes and 42.1 per cent voting no. Musk owns 170 million shares of his company, meaning if he sold 10 per cent it would be about $21 billion US.
In 2012, Tesla stocks were trading at around $5 a piece, as the company was losing money and selling very few cars. Now the stock is nearly at $1,200 US which means Musk stands to net up to $28 billion when they pay off. Musk does not get paid in a conventional manner, he rather takes most of his compensation in stock-based form.
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